The Faculty of Economics, University of East Sarajevo (UIS), is today one of the 17 organizational units of the University that performs integrated higher education activities in the field of economics. In addition to primary teaching activities, the Faculty of Economics also carries out scientific and research work, publishing and expert and consulting activities. In accordance with the Statutes of the Faculty and the University, it may also perform other activities that commercialize the results of scientific and research work, provided that these activities do not jeopardize the quality of the teaching process.

The Faculty of Economics of UIS which inherits the best traditions of the Sarajevo Faculty of Economics restored its work in 1993-94 in Pale under extremely difficult war circumstances and the environment, owing to enthusiasm and dedication of a few teachers and teaching associates, as well as non-teaching staff of the Faculty. In the academic year 2006-2007, the Faculty moved to the building of the Faculty of Law in Pale, and from the academic year 2013-14, it will work in the new building of the Faculty of Economics. It is a modern and functional facility that meets the highest standards of higher education and will surely raise all Faculty activities to the highest level.

At present, the Faculty of Economics has more than 1,200 students, enrolled at two cycles of studies. The 1st cycle of study has two undergraduate programs - Economics, and since the academic year 2012/13, Tourism and Hospitality, with a total of seven majors in both study programs. Since 2001, the Faculty has introduced the 2nd cycle (postgraduate studies) of studies with five study programs - Business Finance and Banking, Management, Accounting and Auditing, Insurance, and Marketing and Banking. The opening of the 3rd cycle (PhD) is planned from the academic year 2014-15, which will make the teaching activities of the Faculty fully completed.

With four departments for Quantitative Economics, for Economic Theory, Policy and Development, for Business Economics and Management, and for Finance, the developed scientific and research work, publishing and library activities, the Faculty of Economics today is a respectable institution of higher education whose economists, masters and PhDs in Economics are respected experts running the government and republic institutions and reputable companies and financial institutions in the country and the region.

In 2002, the Faculty of Economics was awarded the Medal of Honor with Silver Gilt by the President of the Republic of Srpska, for its work and achievements in the teaching process and scientific and research work.

Establishment and Development of the Faculty of Economics of the University of East Sarajevo

Te Faculty of Economics, University of East Sarajevo, began operating in 1993/94 by the decision of the National Assembly of the Republic of Srpska. Te Faculty was seated in Pale, in the facilities at Kalovita brda bb (formerly it was the complex and recreation center for pre-school children). Professor Vaso Dragović, PhD, was appointed the frst dean of the Faculty of Economics in Sarajevo of the Republic of Srpska, as our Faculty was called then and Full Professor Mitar Miljanović, PhD, was elected the frst president of the Faculty Council.

It was not easy to organize classes in a war environment, in inadequate, old and devastated buildings, which, before the Faculty moved in, had been used to accommodate the slightly wounded and refugees. Nobody, however, complained about the unsuitable conditions since all defects, including material and technical needs for teaching, lack of textbooks and literature, were compensated by the great enthusiasm of teachers and students.

In the frst 1993/94 academic year, the Faculty admitted only 67 students and the teaching and teaching associate staf consisted of:

These professors and teaching assistants would in the next four years bring out the first generation of economists, among who were Sanja and Vinka Radović, the first students to graduate at our Faculty. It was recorded that they defended their final papers on 8 May 1998.

After the Civil War, the Faculty of Economics, University of East Sarajevo, developed rapidly. The postgraduate (master’s) studies in two concentrations - Business Finance and Banking, and Management started with courses in the academic year 1998-99. Meanwhile, the classes in the 2nd cycle of postgraduate studies expanded to as many as 13 magister majors, which have been replaced with five master majors in line with the Bologna Process reforms.

In 1998, the Faculty of Economics, University in East Sarajevo, took over the care for the students of the College in Bijeljina, which has grown into the Faculty of Business and Economics, thanks to our support as well.

Over years, the number of students, teachers and teaching associates increased. In the two decades long history of existence of the Faculty in the Republic of Srpska, the academic year 2009/2010 with 255 admitted students will remain recorded as the year with the highest number of enrolled students.

In 2006, the Faculty of Economics, University of East Sarajevo, moved to a new location in Pale - a newly built modern building at Alekse Šantića 3, which until this year has been shared with the Faculty of Law, University of East Sarajevo.

At the time this monograph sees the light of day, teachers and students of the Faculty of Economics, University of East Sarajevo, will have moved to the new Faculty building at Alekse Šantića 2. Te building has 5,000 m2 of foor area and new equipment that will meet the highest standards and the needs of both teachers and students, in terms of teaching and scientifc and research process. It will be the greatest gif of the Republic of Srpska to the Faculty of Economics, University of East Sarajevo, in the year in which we celebrate two major anniversaries to which this monograph is dedicated to.

The main mission of the Faculty of Economics, University of East Sarajevo, is education of future economists, masters and PhDs in economics in line with European standards and the needs of society and the labor market in the Republic of Srpska, Bosnia and Herzegovina and neighboring countries.

Besides dedication to students, the quality of their education and the level of acquired knowledge, our mission is also the constant development of the teachers and teaching associates, the permanent follow-up of the European and global trends and the latest literature in the feld of economics as well as promoting scientifc and research work and publishing activities in order to achieve socially benefcial functions of the Faculty, or science in the service of the development of economy and society as a whole.

Our vision is to develop in coming years the infuential academic institution with strong human resources, in which the science of economics will be studied and acquired knowledge and the results of scientifc and research work practically applied in cooperation with local, republic and state institutions and enterprises and companies of local and regional importance. Our vision is to have accredited study programs, where the classes are given in line with the best practices of European and international faculties and universities. Finally, our vision is to have diplomas of our Faculty recognized worldwide and opening to our students the doors of institutions and successful companies, at home and abroad.

The key to achieving our vision is to implement the planned program tasks for the future development of the Faculty. One of the most important program tasks has already been achieved: we moved into the new building of the Faculty of Economics, which will be fully equipped

in the coming years with modern material and technical facilities that will become operational to improve teaching and scientifc and research work.

In addition, we have other important tasks ahead, without whose realization further development of the Faculty and the fulfllment of our vision are unthinkable. Tey are:

- To continue with the full involvement of all teachers to train and create our own teaching staf,

- To realize the mobility of students and teachers by strengthening the existing cooperation with similar faculties in the country and abroad,

- To provide ongoing process of training of teachers and teaching associates at home and abroad,

- To open the 3rd cycle of studies (PhD) at the Faculty, with the involvement of the best teachers from our Faculty, from the country and from abroad,

- To intensify scientifc and research work through the organization of international conferences and through the participation of our teachers and teaching staf at similar meetings in the region, Europe and the world,

- To ensure greater involvement of teachers, staf and students in scientifc and research projects of beneft to society,

- To intensify cooperation with local, republic and state community through the establishment of Alumni Association and improved activity of the Scientifc and Research Institute,

- To enhance the conditions of life and work of teachers and teaching associates, and students in collaboration with the student organization of the Faculty and University.

There is also the last but not the least requirement in order to achieve these objectives and materialize our mission and vision - to create a harmonious and functional collective with the necessary compliance with academic principles and mutual respect for all employees. Te future progress and success of this institution will depend also on the behavior and the involvement of each of us.

According to the Law on Higher Education, and the Statute of the University of East Sarajevo and the Statute of the Faculty of Economics, managing bodies of the Faculty of Economics are the Teaching Staf Council and the Dean of the Faculty.

Teaching Staf Council

Teaching Staf Council consists of teachers and teaching associates employed on a full-time basis, as well as student representatives.

Teaching Staf Council proposes to the Rector the appointment and dismissal of the Dean. According to the Statute of the Faculty, Teaching Staf Council, upon the proposal of the Dean, appoints and dismisses Vice-Deans, and appoints and dismisses the representatives of the Faculty in the Senate, the Professional Council and other bodies of the University.

Teaching Staf Council reviews and approves the annual work-plan and report on the work of the Dean and the Faculty representatives in the institutions and bodies of the University. Te Council plans the employment policy and engagement of teachers and teaching associates, establishes the proposal of the curriculum and specifes the rules of study in all cycles of studies.

Based on the Statute of the Faculty, the Teaching Staf Council has the responsibility of a number of other tasks related to teaching, scientifc and academic research and publishing activities of the Faculty. Sessions of the Teaching Staf Council are convened by the Dean of the Faculty, and are held at least once a month.

Dean

Dean organizes and manages the work of the Faculty, in accordance with the Statute of the Faculty and the University, and the Law on Higher Education.

Dean represents the Faculty in legal proceedings and actions taken to achieve the activities of the Faculty, is responsible for the legality of work of the Faculty and represents the faculty in internal relations with the University and relations with other institutions and organizations.

Dean convenes the sessions of the Teaching Staf Council, executes the decisions of that governing body and provides the organization and coordination of all employees at the Faculty, including the administration and other staf of the Faculty.

Te Dean is assisted by two Vice-Deans:

- Vice-Dean for Teaching Afairs and - Vice-Dean for Scientifc and Research Work.